Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Raised by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 224,387 shares of the natural resource company’s stock after buying an additional 8,317 shares during the period. CIBC Asset Management Inc’s holdings in Freeport-McMoRan were worth $8,545,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Fisher Asset Management LLC grew its position in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after buying an additional 1,392,494 shares during the last quarter. Geode Capital Management LLC grew its position in Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after purchasing an additional 529,099 shares during the last quarter. Franklin Resources Inc. grew its position in Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares during the last quarter. Mountaineer Partners Management LLC grew its position in Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Freeport-McMoRan by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock worth $410,494,000 after purchasing an additional 127,251 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 0.5 %

FCX stock opened at $39.27 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm has a market cap of $56.42 billion, a PE ratio of 30.44, a P/E/G ratio of 0.81 and a beta of 1.85. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month high of $55.24. The firm has a 50 day simple moving average of $38.77 and a 200 day simple moving average of $42.79.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

FCX has been the subject of several recent analyst reports. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. BMO Capital Markets reduced their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Raymond James upped their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.